Australian Cake Box takeover crumbles
British bakery chain Cake Box Holdings has rebuffed an offer from a privately-owned Australian company to take over the company.
The chain released a statement in response to press speculation after Sky News reported that The Cheesecake Shop offered to purchase Cake Box for 160 pence a share.
Cake Box, which trades from around 230 locations across the UK and specialises in egg-free products, was valued at 150 pence per share when the market closed on Wednesday (19th).
The Cheesecake Shop is owned by Melbourne-based River Capital.
The chain confirmed the existence of the offer, which it said was made in early June. However Cake Box said its board had “unequivocally rejected” River Capital’s offer, describing it as “materially undervaluing” the company.
It added that no further discussions with River Capital had taken place.
Last month, Cake Box revealed plans to almost double the size of its store estate, despite a fall in profit.